I had no idea CBS had converted its outdoor advertising to a REIT. Bizarre. (And if this trend continues, I guess it would be good to understand more about REITs, which I know can be a specialty in itself. Sheesh.)

Alyce--

All outdoor advertising is on real estate of one type or another so converting to a REIT is not so bizarre.

WM converting to a REIT is closer to being bizarre. While the WM-owned landfills constitute real estate, WM's operations in picking up trash and delivering it to landfills is a distinctively different animal from owning and operating real estate.

On the other hand, WM could spin off its WM-owned landfills into a REIT.

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